OFFICIAL: Bust London tech unicorn Powa makes 74 staff redundant

Powa Technologies, the London payments business once valued at
£1.8 billion that collapsed into administration last Friday, has
laid off 74 of its 311 staff.

Business Insider first reported that Powa was making a number of
staff redundant on Tuesday morning.

One source close to the company told Business Insider that most
of Powa's European sales staff have been let go since Deloitte
came in as administrators on Friday. A second source close to the
administrative process confirmed that there have been
redundancies.

In a statement released close to 1.00 p.m. GMT (8.00 a.m. ET),
administrators Deloitte confirmed that 74 UK staff have been made
redundant, saying "it has not been possible to continue running
the company at its current capacity."

The redundancies come despite a statement from Thompson
Investments, the vehicle headed up by former QPR chairman Richard
Thompson, on Friday
saying it is buying Powa.
The Financial Times reports that this statement was made
without the knowledge of administrators Deloitte.

Deloitte says its continuing to try and find a buyer for the
business and Rob Harding, Joint Administrator and Partner in
Deloitte’s Restructuring Services practice, says in the email
statement:

There is real interest in the business. We are talking to a
number of potential buyers and looking to implement a sale as
soon as possible. We are working closely with existing
management, and keeping staff and other key stakeholders informed
of these fast-moving developments.

Deloitte's email also confirms that it has been appointed as
administrator of Powa Technologies Ltd as well as parent company
Powa Technologies Group. Deloitte was originally only confirmed
as administrator of the Group company, with suggestion that
subsidiaries would continue to run as normal. Clearly this hasn't
been possible.